Student loans expected to be rolled out in August

Speaking at the 28th Gweru Polytechnic College Graduation and Prize Giving ceremony in Gweru last week, Higher and Tertiary Education Minister Professor Jonathan Moyo said that the new Educational Loan Facility for students is expected to start this August.

Said Moyo:

Government is finalising the introduction of an Educational Loan Facility for higher and tertiary education, starting in the academic year. This should be in a matter of days. The facility, co-funded and guaranteed by the Reserve Bank of Zimbabwe (RBZ), will see selected private financial institutions rolling out affordable loan facilities to students and parents under a Pay as You Learn concept.

Moyo said the RBZ has approved CBZ Bank Limited, Eduloan, GetBucks, NMB Bank Limited, People’s Own Savings Bank (POSB) and ZB Bank Limited. He also said students interested in getting loans can access application forms at their institutions, the participation banks or from the ministry’s website www.stem263.co.zw.

More: Sunday News